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Ariana Resources publishes circular to shareholders

Published by
Global Mining Review,


Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced the publication of its circular to shareholders concerning the agreements (the transaction) reached with Özaltin Insaat, Ticaret and Sanayi A.S. and with Proccea Construction Co.

Highlights

  • Circular published on the Ariana Resources website, under Circulars, and which has been posted to shareholders 14 December 2020.
  • General Meeting to approve the transaction to be convened on 30 December 2020.
  • Pre-payments under the terms of the agreements totalling US$2.75 million have been made to Ariana and Proccea, of which Ariana has received US$1.5 million.
  • New drilling campaign of approximately 5000 m at Kiziltepe to commence by early 2021, to continue testing vein extensions at Arzu South, Arzu North, Banu and Derya.

Dr Kerim Sener, Managing Director of Ariana Resources, commented: "We look forward to completing the transaction, which is subject to shareholder approval and also to the receipt of regulatory approvals in Turkey, and to continue the exploration and development of the New joint venture as proposed in our announcement of 7 December 2020. We are now accelerating plans to further drill-test vein extensions across the Kiziltepe mine area, in order to further expand the resources and reserves. In addition, plans to complete further resource drilling at the Tavsan Project are significantly advanced, the results of which will be integrated into the feasibility study. We are expecting to commence the latter drilling programme from early 2Q21 once the permitted areas are accessible following the winter."

Read the article online at: https://www.globalminingreview.com/finance-business/15122020/ariana-resources-publishes-circular-to-shareholders/

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